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Thursday, October 12, 2017

Present's Fate May Not Be Decided Until 2018

Reported by Neil Anderson, Managing Editor

The jury has spoken, but Howard Present's fate may not be decided until next year.

In a filing submitted today jointly by attorneys from both the SEC and from Hogan Lovells (the firm representing Present), the SEC will have until November 17 to submit their "briefing on remedies" (i.e. the request for damages, restitution, fines, etc.). Present's lawyers will have until December 21 to reply, and the SEC will then have until January 12, 2018 to reply to Present's reply. The lawyers also write that they expect U.S. District Judge Leo Sorokin to hold a hearing on the remedies, after the briefings are submitted.

On Friday a jury found Present liable on all counts in the SEC's securities fraud case over performance reporting issues at F-Squared, the formerly high-flying, now fallen ETF strategist co-founded by Present. A spokeswoman for the law firm defending Present told MFWire that it's "premature to determine if he will pursue an appeal." 

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